TELEGRAM EXPECTS TO COLLECT 1,700 MILLION DOLLARS IN PUBLIC OFFER OF ITS CRYPTOCURRENCY
According to documents sent to a select group of potential investors, the instant messaging company Telegram expects to raise around 1,700 million dollars in the second sale of its GRAM cryptocurrency, which will take place in March.
In addition, Telegram would make a refund to investors if its cryptocurrency was not released by October 2019, as reflected in the private documents to which Business Insider had access. On the other hand, the company established a separate document that offers no guarantee that they will have the money available to make such a refund.
Although there is no guarantee on this possible reimbursement, this has not stopped the investors, since Telegram raised 850 million dollars in GRAM's private presale (the cryptocurrency of the Telegram platform), for which they aspired to obtain the figure of 600 million dollars. If the goal set by Telegram is met for this second round, the total collection would amount to 2,550 million dollars, which is higher than the 2,000 million dollars that the company originally estimated to raise.
The funds obtained will be destined for the development of Telegram's own blockchain, called TON (Telegram Open Network) which is shaping up as a rival for the blockchain platform of the Ethereum network, and will have its own cryptocurrency (GRAM), which would be related to the use of the Telegram instant messaging application, which can be managed by its millions of users.
The GRAM cryptocurrency will have a stipulated price of $ 0.10 in its Initial Currency Offer (ICO), which is registered with the US Securities and Exchange Commission and will take place next March. It is expected to be the ICO with the highest fundraising in history, an objective that has been achieved so far.
As promised by Telegram, investors participating in this project will be able to have their GRAMs in December this year, and it is expected that between January and March of 2019 this cryptocurrency will begin to be quoted in several exchange houses.